Helpful Articles

Article on Oct 18, 2024

IRS Extends 1031 Exchange Deadlines for Victims of Milton and Helene

In response to the devastating impacts of Hurricanes Helene and Milton across the southern United States, the Internal Revenue Service...

Daniel Goodwin

Article on Sep 9, 2024

One Way to Stay Ahead of Inflation: Qualified Opportunity Funds

Learn the potential benefits of utilizing Qualified Opportunity Funds (QOFs) as a strategy to combat inflation within an investment portfolio. This article highlights how investing in QOFs can offer tax advantages and potentially hedge against inflation by diversifying one's investment portfolio.

Daniel Goodwin
Published by Kiplinger

Article on Aug 26, 2024

Can An LLC Do A 1031 Exchange?

Can An LLC Do A 1031 Exchange? LLCs became a popular form of real estate ownership as they limit the...

Daniel Goodwin

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Common Questions

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Glossary Definitions

Government National Mortgage Association (Ginnie Mae)

A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA performs the same role as Fannie Mae and Freddie Mac in providing funds to lenders for making home loans. The difference is that Ginnie Mae provides funds for government loans (FHA and VA)

government loan (mortgage)

A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Mortgages that are not government loans are classified as conventional loans.

401(k)/403(b) loan

Some administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans. Loans against 401K plans are an acceptable source of down payment for most types of loans.

401(k)/403(b)

An employer-sponsored investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. 401(k) plans are provided by employers that are private corporations. 403(b) plans are provided by employers that are not for profit organizations.

foreclosure

The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.

flood insurance

Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.

fixture

Personal property that becomes real property when attached in a permanent manner to real estate.

fixed-rate mortgage

A mortgage in which the interest rate does not change during the entire term of the loan.

first mortgage

The mortgage that is in first place among any loans recorded against a property. Usually refers to the date in which loans are recorded, but there are exceptions.

firm commitment

A lender’s agreement to make a loan to a specific borrower on a specific property.

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Helpful Articles

IRS Extends 1031 Exchange Deadlines for Victims of Milton and Helene

One Way to Stay Ahead of Inflation: Qualified Opportunity Funds

Can An LLC Do A 1031 Exchange?

Common Questions

Learn Through Video

Glossary Definitions

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